I spent the better part of an hour searching and reading posts attempting work arounds for this type of item dating back to 2013.
I dont understand how Shopify still hasnt added this function. Exlusive Products & Sales is an EXCELLENT reason to subscribe and a helpful way to increase sales for certain types and platforms.
Does anyone have a great way to handle this yet?
The best idea I have so far without some serious editing is to send the subscribers an email detailing the product and pricing. On the storefront instead of showing the same product list it as "Mystery Item #44". It doesnt completely exclude the rest of your shoppers from purchasing but it should feel like an exclusive to the subscribers.